How to Start a Mobile Money Business and Make Money

For twelve years, the mobile money business has become very lucrative in Ghana and beyond. Mobile money has helped made it easier for customers to transfer and receive money, buy airtime, borrow money and pay bills sometimes from the comfort of their home.

It has also become a source of income for entrepreneurs and employees. Perhaps you want to start a mobile money business and you are wondering how to go about it, what steps to take, and some tips to go with it. Read on to learn more.

Mobile Money Business Structure and Location

The first thing to consider before starting the business is a favorable location. An agent will be sent to inspect your location to make sure it is suitable for business. Make sure you situate your business at a place where people will notice and patronize it. There should be some distance between you and your other business counterparts.


A concrete frame structure is considered suitable for this type of business because it is safe and enclosed. Containers and poly kiosks can also be used. Umbrellas are not acceptable since it is unsafe and insecure.

Get a Merchant Sim

The next step is to apply to get a merchant sim. Technology has made it easier to initiate registration through your phone. After registration, a telecom agent will be sent to inspect your location, as stated above to make sure it is suitable and at a reasonable distance from the next mobile money agent.

You will then be given forms to fill to continue registration. You will be given merchant recruitment forms and account handler forms. You will then be required to answer 10 authenticating questions and go through 9 paged merchant terms and conditions.

NOTE: the above applies to MTN Mobile money. Other mobile financial business registration tread may differ.

Educate Yourself

You will be thought how to go about your business, but it is important to do your inquiry. How much do you need to start the business? What is the demand? Do the people in your vicinity prefer to withdraw or send money? If so, how do you balance your physical and e-cash?

You can make so much money if you are hardworking and business-minded. You will make three different commissions at the end of the month. The one your network provider (Mtn, Airteltigo, or Vodafone cash) sends you at the end of the month, your cash out commission and cash in commission.

Preferably, you can add credit transfer, credit card sales, Vodafone Cash and AirtelTigo money to your business as a boost. Normally, a lot of people already own a limited company before adding the mobile money business to help them manage their losses.

Business Risks

Losses will come. That should not stop you from doing your business. Many things can threaten your business to fail. There are fraudsters everywhere, they can pose to be telecom agents, you can be hypnotized into giving out all your money, and inventory and overpayment can lead you to make losses as well.

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Be focused at all times and educate yourself.

You do not need much to start this business, with as little as GHS 5,000, you can make up to GHS 800 to GHS 1,000 a month, depending on your location, how long you can work, and how determined you are. Do not wait any longer, grab a merchant Sim now and start your business.

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